This is an income tax credit given to an individual who purchases and installs a solar thermal or photovoltaic system in a residence, business, or agricultural enterprise in New Mexico. This income tax credit may not exceed $6,000 per taxpayer per taxable year. There is
The Commercial Property Assessed Clean Energy (C-PACE) Program is a financing structure that provides eligible property owners with access to long-term fixed-rate financing for a range of energy efficiency, renewable energy, water efficiency, and resiliency improvements. The program allows local governments to secure the financing
Any taxpayer who owns a dairy or feedlot can be given a tax credit for agricultural biomass transported to facilities generating electricity or making biocrude or other liquid or gaseous fuel for commercial use. This income tax credit will be equivalent to $5.00 per wet
This tax credit applies to new or renovated sustainable buildings that utilize certain upgrades, such as air source and water source heat pumps, to increase energy efficiency or energy conservation. As of 2021, this tax credit requires a higher level of LEED certification for a
New Mexico allows businesses to deduct 100% of sale and installation costs of solar systems from gross receipts before gross receipts tax is calculated.
New Mexico allows businesses to deduct 100% of the value of biomass equipment and biomass materials used for biopower, biofuels, or biobased production. This tax deduction works the same as a sales tax exemption.
Investor-owned utilities and rural distribution cooperatives must source 40% of total retail sales from renewable energy resources by 2025 and 50% by 2030. This standard increases to 80% by 2040 for investor-owned utilities, then to 100% of retail sales to be generated by zero-carbon resources
New Mexico offers alternative energy product manufacturers a tax credit for up to 5% of qualified expenditures for manufacturing equipment used in a manufacturing operation that produces alternative energy products. To be eligible, manufacturers must employ one full-time employee for every $500,000 of expenditures for
